Contract of Board of Management member Dr. Klaus Schäfer extended

Continuity during the energy crisis

The Supervisory Board of Covestro has appointed Dr. Klaus Schäfer as a member of the Board of Management for an additional period of six months until the end of June 2023. In view of the major geopolitical uncertainties, the Supervisory Board had asked Klaus Schäfer to extend his contract, which would expire at the end of the year. Schäfer has been a member of the Covestro AG Board of Management since the company's IPO in 2015. As Chief Technology Officer (CTO), Schäfer is responsible, among other things, for the corporate functions Process Technology, Engineering, Group Health, Safety & Environment and Group Procurement, and thus, also for the energy supply of all the company's chemical production sites. Jointly, Klaus Schäfer and the Supervisory Board have agreed to extend his contract for the period from January 1, 2023, to June 30, 2023, to ensure personnel stability for Covestro in this challenging time for the energy policy market. 

"We are very pleased that we were able to convince Klaus Schäfer to remain on the Covestro Board of Management beyond his planned tenure. The current geopolitical challenges pose major issues even for a company as resilient as Covestro. In these uncertain times, continuity is more important than ever. With Klaus Schäfer, we have in our ranks a proven expert on energy issues whose expertise we will benefit from during this time," said Dr. Richard Pott, Chairman of the Supervisory Board of Covestro AG.

"In my more than thirty years of professional life, this industry has never faced greater challenges. For me, continuing to support Covestro in this situation, even against my original plans, is a matter of course," said Klaus Schäfer. "I would like to thank the Supervisory Board for placing their trust in me, and I will do my utmost, together with all Covestro employees and my colleagues on the Board of Management, to guide the company safely through the coming months." 


About Dr. Klaus Schäfer: 

Dr. Klaus Schäfer is part of Covestro's Board of Management team of four, alongside Dr. Markus Steilemann, Chief Executive Officer (CEO), Sucheta Govil, Chief Commercial Officer (CCO), and Dr. Thomas Toepfer, Chief Financial Officer (CFO). 

Schäfer, born in 1962, worked for Erdölchemie and BP, among other companies, before joining the Bayer Group in 2001. During his career, Schäfer headed Production and Technology in Covestro's Polyurethanes segment, served the Country Representative in China for predecessor company Bayer MaterialScience, and was Managing Director of German site operator Currenta, which provides services to Covestro at the Dormagen, Krefeld-Uerdingen and Leverkusen sites.

For more information about the Covestro Board of Management, click here.

About Covestro:

Covestro is one of the world’s leading manufacturers of high-quality polymer materials and their components. With its innovative products, processes and methods, the company helps enhance sustainability and the quality of life in many areas. Covestro supplies customers around the world in key industries such as mobility, building and living, as well as the electrical and electronics sector. In addition, polymers from Covestro are also used in sectors such as sports and leisure, cosmetics and health, as well as in the chemical industry itself.

The company is committed to becoming fully circular and is striving to become climate neutral by 2035 (scope 1 and 2). Covestro generated sales of EUR 15.9 billion in fiscal 2021. At the end of 2021, the company had 50 production sites worldwide and employed approximately 17,900 people (calculated as full-time equivalents).

Forward-looking statements

This news release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro’s public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.